Robust demand from high-quality institutions allows the majority owner to sell more shares than planned in Tempo Scan, an Indonesian pharmaceutical and consumer products company.

The controlling shareholder of Indonesia’s Tempo Scan Pacific has raised Rp2.12 trillion $229 million from the sale of existing shares through a fully marketed transaction that was enlarged beyond the previously announced deal size, pushing the free-float above 20%.

Bogamulia Nagadi ended up selling a total of 800 million shares in the pharmaceutical, consumer products and cosmetics company, which is 18.5% more than the initial base deal and upsize option combined. The deal was also...